OIAG-AUDITING STANDARDS

Amends the Illinois State Auditing Act. Provides that oversight of the State's compliance with auditing standards and generally accepted accounting principles for governments shall be the responsibility of the Auditor General. Provides that the Auditor General's annual review shall evaluate the State's compliance with generally accepted accounting principles for governments, as promulgated by the Governmental Accounting Standards Board. Provides that the Auditor General shall (instead of "may") adopt rules concerning audit standards. Amends the State Comptroller Act to require to Comptroller to consult with the Auditor General and provide the Auditor General with draft copies of any proposed accounting standards. Effective immediately.